At the very beginning of a divorce, both parties must fill out paperwork that supplies the court with financial information. In California, this document is known as a financial affidavit, and it can greatly influence the outcome of a divorce, as a recent article from Forbes explained.
The problem is that many people aren't quite sure about all of the questions asked on the financial affidavit, so they guess or leave things blank. This is especially common in marriages where one spouse handled the finances while the other spouse was left in the dark.
Unfortunately, the Forbes article said, it is possible that these inaccuracies could be missed by attorneys and end up affecting the outcome of issues such as property division, child support and spousal support.
What the article suggests is to have a Lifestyle Analysis prepared by a financial adviser or another professional to make sure everything is correct. A Lifestyle Analysis is a detailed analysis of your financial patterns, including day-to-day living expenses and spending habits.
Not everyone going through a divorce will be able to afford one of these or find it necessary. However, what is important is to have a good understanding of your finances prior to a divorce.
This may mean digging through paperwork, asking your attorney questions and spending a lot of time trying to understand things that may seem like a foreign language. But it's worth the effort.
In the end, making sure you have an accurate financial affidavit at the beginning of your divorce will mean that your divorce will end with a more equitable division of assets, child support order and spousal support order.
Source: Forbes, "Why a Lifestyle Analysis Is So Critically Important For Divorcing Women," Jeff Landers, Feb. 14, 2012







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